New CNN poll can not find any bears…all those polled feel the markets will be higher by year end than its current status.
Comments »Monthly Archives: June 2011
Expect More interest Rate Hikes From China As Wen States Inflation Targets Will Not be Met
Despite a global slowdown Wen expects China to grow by 8-9% this year and he stated that inflation targets will most likely not be met….
Comments »DICK bove: Extra Capital Requirements for Banks Means “Global Recession”
If 9.5-10.5% tier 1 capital requirements cause a recession then it suggests there is work to do. Perhaps more competition is in order for the too big to fail…..
Comments »Consumers Pull Back on Spending
Consumer spending came in flat today suggesting consumers are watching p’s and q’s more closely….
Comments »Eddie Lampert Sells 5.9% of his AZO Position
He pared down is Autozone position by 5.9% to 23% of shares outstanding.
Comments »Upgrades and Downgrades This Morning
Upgrades
ACN – Accenture target raised to $66 at Argus following strong quarter across the board
CEA – China Eastern Airlines upgraded to Buy from Neutral at Goldman
HIG – Hartford Financial upgraded to Outperform at FBR Capital
BHP – BHP Billiton upgraded to Overweight from Neutral at HSBC
CAG – ConAgra upgraded to Buy from Neutral at Goldman
EXPD – Expeditors Intl upgraded to Outperform at Robert W. Baird
SON – Sonoco Products initiated with Neutral at JP Morgan
FCF – First Commonwealth upgraded to Outperform at FBR Capital
NTAP – NetApp initiated with a Buy at Brean Murray
WBK – Westpac Banking Corp. upgraded to Outperform from Neutral at Macquarie
VIA.B – Viacom upgraded to Above Average from Average at Caris
HOG – Harley-Davidson ests and target raised to $50 at Wedbush
REXX – Rex Energy assumed with a Buy at Canaccord Genuity
Downgrades
CSCO – Cisco Systems target lowered to $16 at Auriga
CLDT – Chatham Lodging target lowered to $18 from $21 at Stifel Nicolaus
MOLX – Molex downgraded to Sell at Ticonderoga
PHG – Philips Electronics downgraded to Neutral from Buy at Nomura
DEG – Delhaize Group downgraded to Underweight at JP Morgan
Comments »Gapping Up and Down This Morning
Gapping Up
ICGN +117.1%, ASML +2.9%, AGNC +0.7%, PACB +4.7%, CNU +17.8%, UAL +1.3%, DECK +1.9%AGEN +32.7%, HRZ +4.5%, SGMO +3.8%, SLE +1.6%, NOK +2%, AMZN +1%, BBL +0.9%, SINA +1.6%, NOK +2%, RIO +0.9%, LDK +6.1%, BHP +0.7%,
Gapping Down
UFPI -15.6%, AZN -1%, KWK -3.0%, TGT -0.7%, PTIE -24.5%, TNK -2.4%, DRRX -17.8%, CHK -2.1%, SWN -1.8%, HK -1.7%, BCS -2.1%, DB -1.9%, RBS -1.5%, UFPI -15.6%, MOLX -2%, XCO -3.9%, AZN -1%, NBG -0.8%,
Comments »In Play and On the Wires
Fed Anticipated to Buy $300 Bn in Treasuries After The End of QE2
The Dollar Continues To Hold Gains
Dollar stays strong as the Greek debt crisis seeming has no end result other than default…..
Comments »RIM Loses Key Software Developer Support/Business
App makers are opting not to make software for RIM and are focusing work efforts for iPod/iPad and Android….
Comments »Dodgers File for Bankruptcy
New Manufacturing Facilities Expected to Boost Shanghai’s Port Activity by 10%
That’s 10% annually for the next 5 years. In order to get even cheaper labor costs manufacturers are building and moving factories to the western inland part of China…
Comments »Brazilian Analysts Forecast Higher Interest Rates in 2012
Low unemployment and strong growth prospects lead analysts to raise targets for interest rates….
Comments »Greek Contagion: Irish Bond Yields Reach for the Stars
Irish and Portuguese yields rose while German bonds fell on Greek default fears.
Comments »Chicago Fed Midwest manufacturing index rises 0.6% in May following 0.9% drop in April
PCE Prices: Prior 0.2%, Market Expects 0.2%, Actual 0.3% to 2.5% YOY
May Personal Income and Spending: Both Had Priors of 0.4%, Market Expects P.I. of 0.4% and S. of 0.1%, Actual Income up 0.3% and Spending Was Flat
Oil Drops in Overnight Trade; IEA Considering Releasing More Reserves
Europe Opens Higher; S&P Futures Reverse to the Upside
European markets were indicated down 0.3%, but reversed higher in early trade. At the moment, most European markets are higher by about 0.3% and S&P futures have reversed deep losses and are now higher by 3.5.
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